Jefferies Group LLC Reiterates Buy Rating for Comerica Incorporated (CMA)
Comerica Incorporated (NYSE:CMA)‘s stock had its “buy” rating restated by stock analysts at Jefferies Group LLC in a research note issued to investors on Friday. They presently have a $81.00 price target on the financial services provider’s stock. Jefferies Group LLC’s price target would indicate a potential upside of 17.24% from the stock’s previous close.
CMA has been the subject of a number of other research reports. FBR & Co upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 target price for the company in a research note on Friday, June 9th. Robert W. Baird restated a “hold” rating and set a $70.00 target price on shares of Comerica in a research note on Friday, August 25th. Morgan Stanley raised their target price on shares of Comerica from $70.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 6th. BidaskClub cut shares of Comerica from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Zacks Investment Research cut shares of Comerica from a “buy” rating to a “hold” rating in a research note on Wednesday, August 23rd. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $74.76.
Shares of Comerica (NYSE CMA) traded up 1.33% on Friday, hitting $69.09. 2,822,577 shares of the stock were exchanged. The company has a 50-day moving average price of $69.96 and a 200-day moving average price of $70.65. Comerica has a one year low of $45.14 and a one year high of $75.72. The firm has a market capitalization of $12.15 billion, a PE ratio of 17.26 and a beta of 1.49.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.07. The company had revenue of $776.00 million during the quarter, compared to analysts’ expectations of $777.08 million. Comerica had a net margin of 23.22% and a return on equity of 9.60%. Comerica’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.58 EPS. Equities research analysts expect that Comerica will post $4.60 earnings per share for the current year.
Comerica announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $605.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.
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In related news, insider Paul R. Obermeyer sold 20,321 shares of Comerica stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total transaction of $1,427,347.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Judith S. Love sold 21,000 shares of Comerica stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $69.74, for a total transaction of $1,464,540.00. The disclosure for this sale can be found here. Insiders have sold a total of 44,249 shares of company stock worth $3,095,383 over the last ninety days. 1.10% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. DnB Asset Management AS grew its holdings in shares of Comerica by 1.4% during the 2nd quarter. DnB Asset Management AS now owns 81,311 shares of the financial services provider’s stock valued at $5,955,000 after purchasing an additional 1,100 shares during the last quarter. BlueCrest Capital Management Ltd bought a new stake in shares of Comerica during the 1st quarter valued at approximately $1,029,000. Aviva PLC grew its holdings in shares of Comerica by 2.1% during the 2nd quarter. Aviva PLC now owns 109,379 shares of the financial services provider’s stock valued at $8,011,000 after purchasing an additional 2,220 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Comerica by 1.5% during the 1st quarter. Wellington Management Group LLP now owns 4,928,411 shares of the financial services provider’s stock valued at $337,991,000 after purchasing an additional 71,159 shares during the last quarter. Finally, Amalgamated Bank grew its holdings in shares of Comerica by 6.1% during the 1st quarter. Amalgamated Bank now owns 12,211 shares of the financial services provider’s stock valued at $837,000 after purchasing an additional 702 shares during the last quarter. 82.52% of the stock is currently owned by institutional investors.
Comerica Company Profile
Comerica Incorporated is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. The Company’s segments include the Business Bank, the Retail Bank, Wealth Management, Finance and Other. The Business Bank serves middle market businesses, multinational corporations and governmental entities by offering various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services and loan syndication services.
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